正平路桥建设股份有限公司 证券代码：603843 证券简称：*ST 正平 公告编号：2026-021 2、关于对外投资减值。公告显示，截至 2025 年三季度末，公司长期股权投资账 面价值为 4.27 亿元、其他权益工具账面价值为 1.29 亿元。其中，公司对青海中建长 期股权投资账面余额为 3.61 亿元，未计提减值，对新疆金阳光铁路建设管理有限公 司（以下简称金阳光铁路）长期股权投资账面余额为 0.61 亿元，已计提减值 0.22 亿 元，对青海小额贷款有限公司、河南禹毫铁路发展有限公司的其他权益工具投资账面 余额分别为 0.33 亿元和 0.90 亿元，未计提减值。公开信息显示，公司上述对外投资 持有股权均已被司法冻结。请公司：（1）补充披露上述公司近三年主要财务数据， 包括但不限于资产总额、净资产、收入、净利润情况；（2）结合被投资企业股权公 允价值及评估情况、经营状况和盈利情况，说明资产减值是否充分。请年审会计师发 表意见。 关于收到上海证券交易所对公司 2025 年度业绩预告相关 事项的监管工作函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的 ...

Core Viewpoint - *ST Zhengping is facing significant financial challenges, with projected losses for 2025 and potential risks of delisting due to negative net assets [1][2][4] Financial Projections - The company anticipates a total profit loss for 2025 between -450 million yuan and -360 million yuan, with a net profit attributable to shareholders expected to be between -430 million yuan and -340 million yuan [1] - The projected operating revenue for 2025 is estimated to be between 950 million yuan and 1.35 billion yuan, with adjusted revenue (excluding non-core business income) expected to be between 940 million yuan and 1.34 billion yuan [1] Net Asset Concerns - *ST Zhengping estimates its net assets at the end of 2025 to be between 250 million yuan and 370 million yuan, but this is subject to change pending the completion of the annual audit [2] - There is a significant risk that the net assets could be negative, which would trigger delisting regulations under the Shanghai Stock Exchange rules [2][4] Audit and Compliance Issues - The auditing firm, Zhongrui Cheng, has indicated that they cannot confirm the positive net asset projection due to ongoing audit procedures, which raises concerns about the company's financial stability [3] - The company has not yet resolved the non-standard audit opinion from 2024, which could affect the 2025 financial report [4] Historical Financial Performance - In 2024, *ST Zhengping reported an operating revenue of 1.36 billion yuan, with a total profit loss of -546.71 million yuan and a net profit attributable to shareholders of -483.93 million yuan [3] - The company has faced challenges in maintaining positive audit opinions, which could lead to further financial scrutiny and potential delisting [4] Fundraising History - Since its listing in 2016, *ST Zhengping has raised a total of 941 million yuan through two fundraising rounds [5] - The company raised 440 million yuan through a non-public offering in 2021, with net proceeds of 435 million yuan after deducting issuance costs [5]

证券代码：603843 证券简称：*ST 正平 公告编号：2026-020 正平路桥建设股份有限公司 关于股票交易的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三、2024 年度审计报告非标准审计意见消除工作尚未完成，若非标准审计意见 无法消除，年审会计师将对公司 2025 年度财务报告发表非无保留意见。具体审计意 见最终以经审计的 2025 年度财务报表审计报告为准。 四、业绩预告数据尚未审计确认，公司存在净资产为负触发终止上市的重大风险。 业绩预告数据仅为基于公司当前经营情况的初步测算结果，未经年审会计师审计 确认，目前年审会计师对公司 2025 年度财务报告审计工作尚在进行中，存在审计后 净资产为负的风险。若 2025 年度财务会计报告中公司净资产为负，公司股票将触发 《上海证券交易所股票上市规则》规定的退市相关条款，面临被终止上市的风险。 五、2024 年度审计为无法表示意见，2025 年度若继续被出具非无保留意见将面 临终止上市风险。 正平路桥建设股份有限公司（以下简称"公司"）股票自 2025 年 ...

*ST正平公告称，2025年9月1日至2026年2月3日公司股价累计涨幅117.84%，期间剧烈波动。公司基本 面未变，但存在多项风险。一是股价波动积累高交易风险；二是2025年末净资产可能为负，触发退市； 三是2024年度审计非标意见消除工作未完成，若2025年继续被出具非标意见将面临终止上市风险。此 外，公司业绩持续亏损，2024年营收13.62亿元，归母净利润 -4.84亿元；2025年前三季度营收6.52亿 元，归母净利润 -0.99亿元。 ...

Core Insights - The article highlights the significant number of companies facing delisting risks due to poor financial performance, with only 24% of ST stocks showing positive results [1][2] - A total of 178 ST stocks were analyzed, with 118 continuing to incur losses, indicating a concerning trend in the market [2][3] Group 1: Financial Performance of ST Stocks - Among the 178 ST stocks, 118 reported continued losses, while only 33 managed to turn a profit, and 12 reported first-time losses [2] - The largest projected loss comes from ST Chenming, with an estimated loss of 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2][3] - ST Keli Da expects a net loss of 160 million to 200 million yuan for 2025, a drastic decline of 1964.13% to 2430.16% compared to the previous year [3] Group 2: Delisting Risks - Several companies, including ST Yanshi and ST Jinglun, have triggered financial delisting indicators, with ST Yanshi expected to have an operating income below 300 million yuan for 2025 [4] - ST Jinglun anticipates a negative net profit for 2025, with its stock facing potential delisting risks due to financial performance [4][5] - Audit firms have indicated that some ST stocks may receive non-standard audit opinions, further increasing delisting risks [4] Group 3: Recovery Efforts - Some ST stocks are attempting to recover through restructuring and asset sales, with ST Jinke projecting a turnaround with a net profit of 30 billion to 35 billion yuan for 2025 after completing a restructuring plan [6] - ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, following a significant asset restructuring that shifted its business focus [6][7] - ST Weir has also seen positive impacts on its performance through strategic asset acquisitions and divestitures, projecting a net profit of 19 million to 22 million yuan [7]

股票交易异常波动暨风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603843 证券简称：*ST 正平 公告编号：2026-019 正平路桥建设股份有限公司 重要内容提示： ●二级市场交易风险。正平路桥建设股份有限公司（以下简称"公司"或"正平 股份"）股票自 2026 年 1 月 6 日至 9 日连续 4 个交易日涨停，累计涨幅达 20.74%； 2026 年 1 月 12 日至 1 月 29 日期间 7 个交易日跌停，累计跌幅达 24.96%；2026 年 1 月 30 日、2 月 2 日两个交易日内收盘价格涨幅偏离值累计超过 12%，触及股票交易异 常波动。公司基本面未发生重大变化，股价剧烈交替波动已积累较高交易风险，投资 者盲目参与可能面临重大损失。请投资者关注公司存在的相关风险，理性决策，审慎 投资。 ●公司存在净资产为负退市的重大风险。年审会计师对公司 2025 年度财务报告 审计工作尚在进行中，根据已经实施的审计程序和已获得的审计资料，年审会计师尚 不能确定公司业绩预告中 2025 年末净 ...

Core Viewpoint - A number of listed companies are raising alarms about delisting risks as they release their 2025 performance forecasts, with several *ST companies already indicating they may not meet financial standards necessary to remain listed [1][2]. Group 1: Financial Performance and Delisting Risks - Several *ST companies, including *ST Guandian, *ST Yanshi, *ST Jinglun, and *ST Chuntian, have issued warnings about delisting risks due to poor financial performance [1]. - *ST Yanshi and *ST Jinglun have explicitly reached financial delisting indicators, with both companies expected to report revenues below 300 million yuan and losses in 2025 [2]. - *ST Yanshi forecasts revenues between 48 million to 60 million yuan and net losses between 180 million to 250 million yuan, indicating a significant deterioration in operational conditions [2][3]. Group 2: Audit Opinions and Compliance Issues - Companies like *ST Chun Tian and *ST Mu Bang are facing dual delisting risks due to both financial indicators and non-standard audit opinions, with auditors unable to confirm if their adjusted revenues will exceed 300 million yuan [4]. - *ST Jinglun's revenue is projected at 86.22 million yuan, which is below the 300 million yuan threshold, and the company is also facing scrutiny due to reliance on a single client for its new business [3]. - Non-standard audit opinions often indicate issues such as financial misreporting or severe doubts about a company's ability to continue as a going concern, which can trigger delisting [3][6]. Group 3: Regulatory Environment and Market Reactions - The tightening of delisting regulations has increased pressure on underperforming companies, with the revenue threshold for main board loss-making companies raised from 10 million to 30 million yuan [2]. - Regulatory authorities maintain a strict stance against "shell company" behaviors, as evidenced by the investigation into *ST Changyao for financial data misrepresentation, which could lead to severe penalties and delisting [8]. - The market is witnessing a trend of orderly and timely exits for underperforming companies, reflecting a shift towards a more stringent delisting mechanism [1][2].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●业绩预告的具体适用情形：净利润为负值；公司因触及《上海证券交易所股 票上市规则》第 9.3.2 条第（三）项、第 9.8.1 条第（一）（三）（六）项规定的情 形，公司股票已于 2025 年 5 月 6 日起实施退市风险警示及其他风险警示。 ●年审会计师对公司 2025 年度财务报告审计工作尚在进行中，根据已经实施的 审计程序和已获得的审计资料，年审会计师尚不能确定公司业绩预告中 2025 年末净 资产为正，公司存在因净资产为负而退市的重大风险。 ●2024 年度审计报告非标准审计意见消除工作尚未完成，若非标准审计意见无 法消除，年审会计师将对公司 2025 年度财务报告发表非无保留意见。具体审计意见 最终以经审计的 2025 年度财务报表审计报告为准。 证券代码：603843 证券简称：*ST 正平 公告编号：2026-017 正平路桥建设股份有限公司 2025 年度业绩预告暨风险提示公告 ●预计 2025 年末净资产为 25,000 万元至 37,000 万 ...

证券代码：603843 证券简称：*ST 正平 公告编号：2026-017 正平路桥建设股份有限公司 2025 年度业绩预告暨风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●业绩预告的具体适用情形：净利润为负值；公司因触及《上海证券交易所股 票上市规则》第 9.3.2 条第（三）项、第 9.8.1 条第（一）（三）（六）项规定的情 形，公司股票已于 2025 年 5 月 6 日起实施退市风险警示及其他风险警示。 ●年审会计师对公司 2025 年度财务报告审计工作尚在进行中，根据已经实施的 审计程序和已获得的审计资料，年审会计师尚不能确定公司业绩预告中 2025 年末净 资产为正，公司存在因净资产为负而退市的重大风险。 计报告仍被出具否定意见或无法表示意见，公司股票将触及《上海证券交易所股票 上市规则》规定的规范类强制退市相关条款，面临被终止上市的风险。 ●二级市场交易风险。公司股票自 2026 年 1 月 6 日至 9 日连续 4 个交易日涨停， 累计涨幅达20.74%；2026年1月12日至3 ...

证券代码：603843 证券简称：*ST 正平 公告编号：2026-018 正平路桥建设股份有限公司 关于公司股票可能被终止上市的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●年审会计师对公司 2025 年度财务报告审计工作尚在进行中，根据已经实施 的审计程序和已获得的审计资料，年审会计师尚不能确定公司业绩预告中 2025 年 末净资产为正，公司存在因净资产为负而退市的重大风险。 ●2024 年度审计报告非标准审计意见消除工作尚未完成，若非标准审计意见 无法消除，年审会计师将对公司 2025 年度财务报告发表非无保留意见。具体审计 意见最终以经审计的 2025 年度财务报表审计报告为准。 ●业绩预告数据仅为基于公司当前经营情况的初步测算结果，未经年审会计 师审计确认，目前年审会计师对公司 2025 年度财务报告审计工作尚在进行中，存 在审计后净资产为负的风险。若 2025 年度财务会计报告中公司净资产为负，公司 股票将触及《上海证券交易所股票上市规则》规定的退市相关条款，面临被终止 上市的风险 ...